Market Overview:
The Sweden Smart Cities Market size was valued at USD 1250.8 Million in 2023 and is projected to reach USD 2613.28 Million by 2030, growing at a CAGR of 11.1% from 2024 to 2030.
Sweden's solid digital infrastructure and high internet density provide a sturdy foundation for smart city technologies, facilitating seamless integration of devices and data-driven solutions. Emphasizing sustainability, cities focus on renewable energy, efficient buildings, and smart grids to reduce carbon emissions. Smart mobility solutions tackle traffic with electric car infrastructure, bike-sharing, and intelligent traffic management. Data analytics and IoT inform resource allocation and urban planning. Stockholm epitomizes these efforts, promoting green transportation through renewable-powered public transit and city-wide bike-sharing, enhancing the quality of life sustainably.
Top Key Players Covered in The Sweden Smart Cities Market:
- Siemens (Germany)
- Ericsson (Sweden)
- ABB (Switzerland)
- Telia Company (Sweden)
- IBM (US)
- Cisco Systems (US)
- Schneider Electric (France), and Other Major Players
Market Dynamics and Factors:
The escalating focus on sustainable development and environmental preservation serves as a pivotal catalyst for advancing smart city solutions worldwide, Sweden included. With mounting concerns over climate change and resource depletion, cities are increasingly acknowledging the necessity for embracing innovative technologies. Central to smart city evolution is the pressing imperative to curb greenhouse gas emissions and transition towards cleaner, renewable energy sources. Through advocating the adoption of clean energy and reducing reliance on fossil fuels, smart cities play a significant role in global endeavors to combat climate change.
The collaboration between the public and private sectors in smart city initiatives combines the industrial expertise, local insight, and regulatory authority of the public sector with the technical know-how, innovative technologies, and operational efficiency of the private sector. This partnership enables the planning and execution of comprehensive smart city solutions, which often necessitate substantial financial investments. Public-private partnerships (PPPs) facilitate the pooling of resources, addressing the financial challenges inherent in large-scale projects while also distributing risks between the sectors. Leveraging the strengths of each party enhances project efficiency, mitigating complexities and risks associated with smart city endeavors.
The Smart Cities Market Report highlights:
- By Solution and Service, the Smart Utilities segment is Anticipated to Dominate the Market Over the Forecast Period, as Sweden leads in promoting renewable energy and energy efficiency. Smart Utilities optimize energy consumption, promote renewables, and enhance monitoring of electricity distribution, reducing outages.
- By Component, the Hardware segment is poised to lead the Smart Cities market throughout the forecast period. This dominance is driven due to its crucial role in providing the physical infrastructure needed for smart city solutions. This includes components such as sensors, meters, communication devices, and other tangible equipment necessary for collecting data, monitoring systems, and enabling communication within smart city networks.
- By Level, the Developing Smart Cities segment is Anticipated to Dominate the Market Over the Forecast period. This dominance stems from the increasing focus on urban development and modernization in emerging economies. Developing smart cities often have more room for growth and innovation compared to already established smart cities, driving higher demand for smart city technologies and solutions.
- By End-user, the Energy & Utilities, Healthcare segment is Anticipated to Dominate the Market Over the Forecast period. This dominance is attributed to the increasing adoption of smart technologies in energy and utility management, as well as the growing integration of smart solutions in healthcare facilities.
- By Country, In Sweden, the smart cities market is expected to witness significant growth and innovation. With a strong focus on sustainability, environmental protection, and technological advancement, Sweden is well-positioned to lead in the development and implementation of smart city solutions.
Key Industry Development:
In June 2023, Elisa and Ericsson unveiled the successful implementation of the In-Service Software Upgrade (ISSU) capability within Ericsson's dual-mode 5G Core solution, which serves as the backbone for Elisa's operational 5G Standalone (SA) network. This achievement represents a significant milestone in Elisa's cloud-native digital transformation agenda, as it establishes a crucial infrastructure for automating and developing self-driving networks.
In October 2022, Telia Company made history as the inaugural operator in Europe to introduce Teams Phone Mobile, a novel service tailored for business clientele. This innovative offering integrates mobile phone numbers with the Microsoft cloud, empowering Telia's mobile subscribers in Sweden to seamlessly place and receive calls through Teams.
The Smart Cities Market Segmentation:
By Solution and Service
- Smart Mobility Management
- Smart Public Safety
- Smart Healthcare
- Smart Building
- Smart Utilities
- Others
By Component
- Hardware
- Software
- Service
By Level
- Emerging Smart Cities
- Developing Smart Cities
- Mature Smart Cities
By End-user
- Government & Municipalities
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Education
- Others
For this report, Pristine Intelligence Research has segmented the Smart Cities Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
